Keppel adopted semi-annual reporting of results, meaning they are no longer obligated to report quarterly figures. Instead, they released voluntary business update today.

So what is new? 

  • Return to profitability in 3Q 2020 vs 2Q S$697m  net loss.
  • Still, 3Q20 profits is significantly lower than 3Q19. Note: 3Q19 attributable profit is S$159m
  • Still loss making for 9M20. Mainly due to impairments of S$919m in O&M.
  • Group’s revenue 9M20 was S$4,818m compared to 9M19’s S$5,382m
  • Net gearing 0.96x qoq improvement from 1.00x.

2030 Vision:

  • Last quarter, divest S$140 million in assets from landbank and non-core assets.
  • Secured an offshore renewables contract worth about S$600 million.
  • Focus on Energy & Environment, Urban Development, Connectivity and Asset Management.

Energy & Environment

Keppel O&M

Source: Keppel’s website 3Q announcement 

  • Revenue S$1.1b for 9M 2020 vs S$1.4b for 9M 2019
  • S$900m new contracts YTD, of which 72% from Offshore wind and LNG projects.
  • This includes 3Q20, S$600 million contract from EPC of a vessel in renewable energy sector.